Japan's pandemic-hit economy logs record contraction in FY 2020

Japan's economy in fiscal 2020 shrank a real 4.6 percent from the previous year, the sharpest annual contraction on record, as the coronavirus pandemic dealt a debilitating blow to consumption and exports, government data showed Tuesday.Down for the second straight year, the decrease in real gross domestic product, the total value of goods and services produced in the country adjusted for inflation, is the largest annual contraction since data began to be compiled in fiscal 1955, according to preliminary data released by the Cabinet Office.The previous record contraction was a 3.6 percent s…READ FULL ARTICLE